Inmet Mining will seek a strategic partner for its Petaquilla copper project in Panama, the Canadian miner’s chief executive said on Wednesday.
Inmet took full control of the C$3.5 billion ($2.8 billion) project late last year after buying out the 26% stake held by Petaquilla Copper, and taking over the 26% stake abandoned by Teck Cominco as part of a cost-cutting move.
“It’s very early days, but we recognise the fact that a project of this size would benefit from a strategic partner,” Inmet chief executive, Richard Ross, said. “So, over the course of the next year or so, we’re going to start to evaluate what our options are with respect to that.”
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And now here’s what it means, put through the special BizEnglish-RealEnglish version of Ottotrans™:
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Inmet Mining will beg for a strategic partner for its Petaquilla copper project in Panama, the Canadian miner’s chief executive said on Wednesday.
Inmet got suckered into the C$3.5 billion ($2.8 billion) project right at the top of the market and just before spot copper did its swandive after paying multiples too much for the 26% stake held by Petaquilla Copper, and taking over the 26% stake abandoned by Teck Cominco because Teck knows when to cut its losses and throw its dogs aways.